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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (2592)	12/2/1997 11:24:00 PM
From: john harris	Respond to of 78602

Mike or Paul (or anyone else): I share Mike's concerns about the cash flow of UHAL. But after a few minutes of looking at the financials, can someone help me out? This company's earnings seem to be a moving target and more difficult to predict than most. In particular, I'm referring to the wild swings of purchases and sales of property, plant, and equipment over the last three years. There appears to be no discernible pattern to this activity. Is this one of management's gas pedals for earnings control? Specifically, these purchases and sales work themselves into the Income Statement in the expense area under "Net Depreciation". The following is from the most recent 10-Q: Property, plant, and equipment......Gains and losses on dispositions are netted against depreciation expense when realized PS: This company might be a good one to spend time on to try to tackle to the ground and figure out. The money seems hard to follow. Also, in looking at Zack's I noticed one "moderate buy" and one "hold". Yet the consensus of two expects earnings to increase 50% to 2.97/share for 3/99. Go figure.